Suez Canal Bank grows by 35.7% on First Bank’s composite growth index during 9M-22

Suez Canal Bank recorded a composite growth rate of 35.7 % in all its activities that included net profits, deposit portfolio, loan portfolio, and asset portfolio during the first 9 months of 2022 according to its separate financial statement

This rate was measured through a composite index developed by First Bank to measure the financial performance of banks with a single figure during 9M-22.

The bank was able to achieve positive results in all four sub-indicators which formulated First Bank composite index, led by net profits.

The bank’s net profit has increased by 94.9% which is considered the largest in its activities growth in 9M generating net profit EGP 734.7 million, compared to EGP 376.9 million during a year-ago period.

The total loans and facilities of customers is considered the second contributor to the composite growth index. Loans and facilities portfolio recorded EGP 30billion pounds at the end of September 2022, compared to 25.6 billion at the end of December 2021 with an increase of 4.4 billion pounds and a growth rate of 17.3%.

SCB’s total assets portfolio has also seen a growth rate of 42% posting EGP66.862 billion pounds in 9M-22, compared to EGP57.431 billion pounds at the end of 2021 with an increase of EGP9.431 billion.

However, the bank's total customer deposits increased by 14.32% recording EGP57.831 billion at the end of Q3-22, compared to EGP50.586 billion at the end of 2021 with an increase of EGP7.245 billion.